TOTAL Teams Up With Partners To Develop Papua LNG Project
Zacks Investment Research | Apr 09, 2019 04:04AM ET
TOTAL S.A. (NYSE:TOT) announced that the company and its partners ExxonMobil (NYSE:XOM) and Oil Search have signed a Gas Agreement with the Independent State of Papua New Guinea to develop the Papua LNG Project.
TOTAL operates the Elk and Antelope onshore fields in Papua New Guinea and is the largest shareholder of the PRL-15 permit with a 31.1% interest, alongside partners ExxonMobil (28.3%) and Oil Search (17.7%), post the State back-in right of 22.5%.
The finalization of the Gas Agreement will eventually lead to a final investment decision on the Papua LNG Project. This project of 5.4 million tons per annum (Mtpa) capacity will consist of two LNG trains of 2.7 Mtpa capacity each and will unlock more than 1 billion barrels of oil equivalent of natural gas resources.
TOTAL’s Long-Term LNG Plan
Per the LNG outlook of Royal Dutch Shell (LON:RDSa) PLC industry ’s growth of 14%.
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